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FOR IMMEDIATE RELEASE
OLDWICK - APRIL 20, 2022 10:16 AM (EDT)
AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings to “a” (Excellent) from “a-” (Excellent) of AmFed National Insurance Company and its 100% reinsured subsidiaries, AmFed Casualty Insurance Company and AmFed Advantage Insurance Company. The outlook assigned to these Credit Ratings (ratings) is stable. These companies are domiciled in Ridgeland, MS and collectively referred to as AmFed Insurance Group (AmFed).
The ratings reflect AmFed’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also consider, in the form of lift, the support it receives from the lead rating unit, Ascot Group Limited (Ascot). The rating lift is indicative of the strong financial support through a capital maintenance agreement and increased scale of operations that includes but is not limited to, back office support, investment, risk management and distribution that comes from the expertise of the larger Ascot organization.
Ascot Bermuda Limited (Bermuda), as well as Ascot Insurance Company and Ascot Specialty Insurance Company (both headquartered in New York, NY), are operating subsidiaries of Ascot Group Limited. AmFed is a subsidiary of Ascot Insurance Company and provides workers’ compensation insurance predominantly in the Southeast U.S.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.